“Expect more volatility … we will be expecting some downside days but we certainly think there will be more potential for upside,” Mr Lodge said.

“The March ’17 [contract] is actually trading at a higher level, 22.5 cents is where it settled and it almost hit 23 cents.”

The price jump is a turnaround in fortunes for Australian cane growers who have seen bitter returns due to five years of surplus in the global market.

Wet weather hampers Australian harvest

Mr Lodge said the most recent spike in trading was likely sparked by a downgrade in the crop outlook for Brazil, the world’s largest sugar producer, and comes on top of reduced production in India and Thailand this year.

This state election the Queensland Farmers’ Federation (QFF) continues to call for reform to the way governments assist and support farmers before and after natural disasters. More than any other se...